The Insurance Regulatory and Development Authority has introduced a mobile application that enables one to compare insurance products and premium rates. The application currently lets users of mobile phones/devices with internet connectivity check and compare features of Unit Linked Insurance Policies (ULIPs) introduced on or after 1st September, 2010. The application has been developed with the objective of providing a mechanism for consumers/prospects to make informed decisions by comparing features of insurance products through mobiles. It works on Android, iPhone, Nokia and Blackberry platforms. However a user can also access the information through any mobile that enables internet access or can access the website directly.
The application enables real time mobile based access to the IRDA repository containing details of the products by accessing www.m.irda.gov.in. Users will be able to compare the features of Unit Linked Insurance Products such as Premium, Benefits etc. Users can search products for comparison through three search options—Search by Company, Search by Policy type and Search by Keywords. The launch screen of the application displays the three options.
Search by Company lists the companies offering similar products and allows the user to choose the products he or she wants to compare. Upto three products can be selected at a point in time for comparison. Search by Policy type lists different types of policies from which the user can select the required type and it displays the products available. Again, the user can select upto three products for comparison. Search by Keywords enables the user to search either by policy type or company wise by entering a keyword. The selected product information is displayed in a pop-up window.